Question

Tony has $20,000 in student loans with 3.3% interest that he plans to pay

off in 5 years. He will need to make monthly payments of $362.05. Find
the amount of interest Tony will pay. *

Answer 1

interest = $3300

Explanation:

`interest = (20000 * 3.3 * 5)/(100) \\ \hspace{40 pt} = 200 * 3.3 * 5 \\ \hspace{40 pt}= 1000 * 3.3 \\ \hspace{40 pt}= \$ 3300 \\`